Making an effort to help the long-term jobless

Full Segment: The jobless rate has been edging downward, but the long-term unemployed have been left out. Do we need a targeted program to get these 4.8M Americans back to work?

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Long-term jobless are defined as those who have been unemployed for over six months, but are still seeking work. Today, in America, that number stands at 3. million and does not include those no longer seeking work.

There are many reasons for why there is long-term jobless. Often potential employers are turned off by people that have been out of work for such a long time. Also, a person may have been employed in a field of work for a long period of time and there job skills no longer match up with

President Obama has enlisted some of the Chief Executive Officers (CEO's) at the biggest companies in the country to help with this job issue. Hosting 300 lead corporate executives for a gathering at the White House on Friday, the President got them to pledge toward ending hiring practices that discriminate against these long-term unemployed workers.

In addition to the pledge from corporate CEO's, a signed Presidential memo directs federal agencies to do the same. The government will no longer discriminate against the long-term jobless when it come to hiring.

The Obama administration will also direct $150 million in grants towards partnerships that mentor, retrain, and place the long-term unemployed into positions.

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Edward Carter has more than 10 years' consulting experience for an investment bank firm on Wall Street. He has an MBA with additional degrees in management and technology. He has sat on the board of directors for two technology start-up companies.